"russia on its path has oftentimes discussed and overdiscussed what had happened earlier, instead of moving forward. the result is always the same: it is very difficult to move forward when you're looking backward."
- mikhail khodorkovsky
chanel pre-fall 2009 paris-moscow campaign
one third of russia’s 42,000 clothing retailers will close by the end of this year after the economic crisis hurt spending, according to the head of the european fashion and textile export council. "retail failures and order cutbacks in russia mean companies in fashion-exporting nations such as germany will deliver less apparel for the winter season," said reinhard doepfer, who leads the brussels- and stuttgart-based industry group. diesel, stella mccartney, reebok, plato and hugo boss have all closed stores in region. the local franchisee for hong kong sportswear maker sprandi international ltd has also closed all 37 of its outlets in moscow and st petersburg after declaring bankruptcy this past may. gross domestic product in russia shrank 9.8 percent in the first quarter - the worst contraction in 15 years - and average monthly wages dropped 5.2 percent in june.
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